IFC, EBRD to buy shares in PZU; trouble for PZU Zycie

Treasury Minister Wieslaw Kaczmarek revealed that the private sector financing arm of the World Bank, the International Finance Corporation (IFC), has shown an interest in acquiring a stake in PZU, the nation's largest insurance company. At the same time PZU shares are being eyed up by the European Bank for Reconstruction and Development (EBRD). Kaczmarek did not say how big a share the two parties were interested in, but unofficially it is known they are aiming to a secure a 10% stake between them. In related news, a subsidiary of the Polish giant specializing in life insurance PZU Zycie, might soon be looking for a new company president. Boguslaw Kasprzyk, who assumed the job less than two months ago, is reportedly not experienced enough to lead such a huge corporation. The Pension Funds Supervisory Commission will meet next week to discuss the case and to prepare an official memorandum on the issue. If the decision is negative PZU Zycie could even lose its license as regulations state that at least two supervisory board members must have enough experience to manage an insurance company. At present the only person who seems to be adequately qualified is Eureko's representative Frederik Hoogerbrug, who unfortunately does not speak much Polish. (Rzeczpospolita, p. B5; Reuters) A.K.